Shares of North Bay Resources (OTCMKTS: NBRI) are up 125% in trading today. The stock is actually one of the most actively traded stocks on the US OTC market this Monday with over 700 individual orders put in to trade it so far. This is a change in pace for the stock as it has been basically been dormant all year, but now is coming alive as you can see from this chart.
You can see from this chart how before it has been barely doing anything and then came alive last week. There is a reason for this. First you need to understand that it is micro cap stock, that even with this big price rally it is still trading at less than a penny and still has a market capitalization of less than two million dollars. It has been essentially almost a shell company, even though the company does own several mining exploration properties.
What happened is that on July 8th North Bay Resources issued a press release that announced that “a change in voting control of NBRI was completed through the acquisition of the Preferred Shares representing such voting control, by 4D Minex Corporation, in a private transaction.”
“As a result of the transaction, Mr. Robert Reynolds has been appointed to the Board of Directors, and Mr. Perry Leopold resigned as Director and all other positions within NBRI.”
“The Companys immediate focus in the coming days will be completing the initial change of company management material needed for OTC Markets, as well as completing the exchange of administrative and operational information that is now in progress, said Robert Reynolds, who is also the newly appointed president and CEO of North Bay Resources. Furthermore, Mr. Reynolds went on to say, the Company will be making additional announcements over the coming weeks in respect to several important value-adding enhancements to the business model of NBRI.”
The possibility of further deals being made after this corporate change in control and ownership is drawing interest into the stock and putting eyes in the mining industry on North Bay Resources. On Twitter stock traders made these tweets about it today.
I have no position in this stock and am not trading shares of NBRI. We are only watching it to see what news comes out. To find out what stocks we are buying get on our free stock trading email list. You’ll then get our morning market update and news digest before the opening bell every Monday-Friday. To get it click here.